OCTOBER 2019For private circulation only

1. It is the nature of equitiesSo what makes equity exciting and rewarding as compared to a bank FD? It's because it is volatile in the short run with the potential to deliver superior returns in the long run. That is the basic nature of equities. It carries a risk which is not there in guaranteed investments. If you thought that equities deliver returns in a straight line, you are sadly mistaken. If you are investing in equities, you have to be mentally and financially prepared to take hits on your portfolio and digest even negative returns in short to medium term. If you cannot, I am sorry that you made a mistake of investing in equities. Please go back to guaranteed investments.

2. Why volatility is your friendSo it is clear that volatility is inherent in the markets due to many reasons. And it is because of this volatility that investors get opportunities to enter the markets, build on your portfolio and make strategic investment decisions (we will talk about it later). Without volatility, all the stocks will be fully valued to their (earnings) growth expectations at all times. In such a hypothetic and predictable market, everyone will invest in stocks and the advantage of equities over debt investments will no longer exist. It is only volatility that

gives opportunities to investors and fund managers (mutual funds!!) to identify opportunities in the market to deliver 'alpha returns'. Alpha returns are the extra returns generated due to fund management expertise over and above market / benchmark returns.

3. Market timing is futileMany studies have shown that equity market returns over the long term are fairly insulated from the short-term market volatility. In other words, your returns over say 10-15 years do not matter much whether you invest at Sensex 37,000 or 39,000. What would matter most is how long have you stayed investments. This is a fact and you can very well-put your excel skills to good use finding out the extra returns you will get. In the end, the extra returns from market timing fall awfully short of the efforts, mental pressure and repeated transaction costs it carries. And this is only assuming that you are an excellent fortune-teller who can predict how the markets will move. If you believe you can do that consistently over several years, you would be the first person in the world to do so and should be awarded a noble prize. No joking.

4. Asset Allocation strategy helpsSo, what should we do? Always remember that in investments, as in life too, often the simplest answer is the right answer. It is always the right time to go back to the basic tenant of investing – asset allocation. Yes. It is the time when you should do a proper relook at your asset allocation. It may be possible that your equity portion has reduced in size against your target. So realignment by moving some surplus funds from debt assets to equity to get back to the targeted asset allocation is what you can do. No rocket science here. 5. Investing in bear markets helpsDidn't we earlier say that falling markets provide an opportunity for investors to enter markets or invest more? Well, if you are a SIP investor, the news gets even better. All your SIPs installments being made in bear markets are surely getting you the much-desired boost to your portfolio. So, do NOT stop your SIPs just because they may be delivering lower returns for now. Have patience and you will be suitably rewarded. Warren Buffet, the great investor once said that he will have absolutely no problems if the markets closed down for the next 10 years since his investment horizon is beyond 10 years. Take some time to ponder on this great idea.

YOU SHOULDN'T WORRYABOUT FALLING MARKETS Why are my returns low? Should I continue investing in current markets? What should I do to get higher returns?These are some of the most common questions that we hear on the streets whenever the markets take a dip. Many investors who are new to the game are not really sure what is happening to the markets and to their investments. Are you having these questions? Have you been asked these questions? If yes, please read on...

What do I need to know?Take a pause, clear your mind and go back to understanding the nature of the markets and the basic tenants of investing.

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Carl Sandburg, Pulitzer prize-winning writer once remarked, “money is power, freedom, a cushion, the root of all evil... and the sum of all blessings”. True, there is a lot we can achieve with our wealth. However, what comprises our wealth? To different people, wealth may mean many things. However, to summarise it well, it would be the ability to do things you desire to do.

The ability is a very wide concept and goes beyond just numbers. Coco Chanel, French fashion designer once said that “there are people who have money and then there are people who are rich.”. Thus, what you do with your money is more important. You may feel insecure and not rich even if you are a millionaire and there is an actual study done to prove this. Understand this – if your wish

is to travel after becoming rich and you are not travelling today, you will never travel even after you get crores in your bank. What is stopping you today?

The truth is that wealth means different things to different people. Some are in the game for the joy or excitement of it and some are in it just to survive. The ability can also mean cover things like physical health, social network or standing giving you the power to do things which others can't. However, for most ability would mean one thing – freedom.

Johnny Carson, an American television host said that “the only thing that money gives you is the freedom of not having to worry about money.” The freedom will free you from the financial worries of day-to-day life

which most of us aren't privileged to have. However, it is not impossible. The number behind this 'freedom' will change from person to person and place to place. But whatever may be this figure, the truth is that it will be only possible to achieve if you have this as your goal. You can be in control even today, you can be a CEO even today. You have an opportunity to do that – be your own CEO and get in control of your wealth.

The CEO HatNow that you have your understanding of 'wealth' and a fair idea of the price of your 'freedom', let's us begin the day as a CEO. So how would you start your new journey – the journey of your wealth?

Have a vision/planHaving a vision of the journey, the path you

6. Think discountsAre you not excited every time Amazon or Flipkart offers great discounts? Don't you often end up buying new things which you do not even need just to benefit from these discounts? So why then do you think differently when it comes to dips in the market? Why can't you see that these are like discounts offered in the equity markets from time to time? Care to invest more now?

7. Losses are notional unless you make them realLets' get a bit philosophical here. No one can hurt you unless you allow them to hurt you. It's all how you think and feel from within that dictates your level of happiness and peace in life. The same philosophy holds very true for your investments as well. Your losses are notional and temporary. If you give them adequate time, they will recover and deliver decent returns over time. The market history tells us that the possibility of you generating negative returns from equity markets over say 10 years and above is almost nil, irrespective of all ups and downs during the journey. So, just chill. Unless of course, you want to kick the axe yourself and enjoy losses by selling in panic.

IN BRIEFLet us again reiterate some facts. Equities are risky in the short-term. They hold the promise of good real returns (above inflation and post-tax), more than any asset class in long-run. Short term volatility offers opportunities and is not necessarily bad. Stick to the basic idea of discipline, asset allocation, regular investing and time in the markets to enjoy better returns in the long run. Do not stop SIPs rather see if you can increase them. In case, you still need help, just call your advisor for more gyan and assurance on the subject.

BE YOUR OWN CEOEverybody likes to be in control. And to do the things they like. Almost every second person today dreams to have his/her own business/venture. But are these dreams mere dreams? There is a famous quote - “goals are dreams seen with open eyes”. While our dreams may or may not fructify soon – the answer largely depends on one thing and one thing alone – money or wealth.

want to reach is the starting point. Having a clear idea of your destination would be great. But as many new businessmen experience, either they overestimate their goal or underestimate it completely. The fact is, once you carry on the journey, the destination will also change. So, you may start with say a target wealth of 10 crores. However, a few years down the line you may realise this is no longer feasible and revise it downwards to say 5 crores. Fortunately, if you are reading and implementing this article in the true spirit, you may even realise that you can even reach 20 crores !! You get the idea...

The path here is more important. There has to be a plan for everything in your life. Your wealth is perhaps the first thing in the list and something which is greatly in your control. How about a proper detailed 'Financial Plan' which covers all your financial goals, your assets, liabilities, your risk protections?

Invest in yourselfEvery business invests in itself – be it a shopkeeper or a big business conglomerate. But as a person are you investing in yourself? Times are changing and there is no guarantee today that any business or profession today will stay relevant after even say 5 years. It is a new reality of a highly competitive business environment challenged by disruptions daily. Your only way out – invest in yourself. It can be either learning or building a network

or marketing yourself in a positive light, creating a social standing, and so on. There are enough opportunities around you to learn and build your network. Remember, if you are skilled and knowledgeable, have a good network, you may never fail in life.

Watch your budget and cash-flowsAs the CEO of your wealth, you need to have a budget for everything you do. Have a budget for your living expenses, for your entertainment, for learning and most importantly – your saving or investments. Perhaps you can start managing your

budget by allocating funds to living expenses and savings to start with. Ideally,

your savings must be at least 25% of your post-tax income. The higher it is the better. Work out the other figures in relation to this. Many people do make a budget but fail when it comes to implementation. One idea on effective implementation of your budget is to have a very close watch on your cash flows. Spend some time to track these cashflows to stay on top of your budget. You may take some bold decision like – STOP the use of credit cards altogether. This is one advice which Warren Buffet (google if you don't know) gave when asked what advice he has for youngsters. It may apply to you too.

Hire /associate with good peopleA successful business is not built by one person alone. It takes a team. To be successful, you too will need to have a good team. The team will include people like your gym or yoga instructor, your spiritual guru, your doctor, lawyer, accountant and when it comes to money – your financial advisor. Everyone you consult has a role to play in your life, irrespective of how many times you are interacting with them. We would suggest that you have good people with you and invest in building this network. On a financial front, having a good financial advisor will take care of a lot of things when it comes to wealth creation, preservation, and distribution. We would strongly suggest that you outsource these things and not do this dedicated, expert activities yourself.

CONCLUSIONJohn Rockefeller, America's first billionaire once said that “if your goal is to become rich, you'll never achieve it”. Your focus should be pursuing the thing you like doing the most. Try and navigate your life's journey into doing so. A lot many people have changed professions careers in life to settle at things they love the most. The most successful in life are those who have done it. However, running merely after the idea of getting more money doesn't work for many. To create wealth or happiness or even a life, being in control and thinking like a CEO is perhaps the way to go.

Q: There has been much talk about the slowdown in the consumption sector from biscuits to cars. What is your understanding of the entire consumption story of India?Answer: Consumption has been impacted by the confluence of factors namely (i) low personal savings rate and slow income growth which is a structural factor and (ii) impact of GST and NBFC liquidity squeeze which are cyclical reasons. In addition, discretionary demand especially in autos has been impacted by the rising cost of vehicle ownership in terms of insurance, higher safety and cleaner environment norms. The structural drivers of consumption are supported by the demographics and rising aspiration levels but it needs to be supported by adequate job creation and income growth, a function of investment cycle. In addition, government’s recently announced measures to arrest the cyclical factors of slowdown will likely start having an impact in the next 6 months.

Q: Please share some insights and reasons behind on the kind of sectoral exposure you have in your funds today?Answer: We have overweight positions on banks/insurance and consumer sectors. Within banks, the preference is for corporate banks where the bad asset cycle is normalising even though recent developments and slowdown have increased the risks. Insurance, both general and life, is emerging as a structural growth avenue and somewhat insulated from the domestic economy. Within consumption, we prefer Companies with products in under-penetrated markets and back managements with superior track record of execution and with potential for market share gains, to tide through the present challenging environment.

Q: What is the broad scope of segments / sectors you are exploring for new investments?Answer: Broad sector trends have been missing from this market. In such a scenario, we continue to follow our investment philosophy of ‘Growth-at-reasonable-price” and bottom-up investment process for identifying stocks. In particular, we look for ideas with (i) inexpensive valuation with re-rating or earning triggers, (ii) companies which are in the midst of an earnings upgrade cycle and (iii) benefit from disruption in industry structures as a result of the distress in some of the segments.

Q: What is your sense of the mid-cap valuations today? Are they attractive for investors?Answer: Midcaps and small Caps are trading at a discount to large cap and has started factoring in the slowdown much before the large caps. To that extent, much of the slowdown is already factored in their valuation levels vs. large caps. While valuations are supportive, Midcap/Small Cap performance is also dependent on economic recovery and hence we would recommend systematic investment over the next 2-3 quarters to position for the upside.

Q: How do your select your stocks? What are the key things you look at quantitatively and also qualitatively?Answer: In particular, we look for ideas with (i) Inexpensive valuation with re-rating or earning triggers, (ii) Companies which are in the midst of an earnings upgrade cycle and (iii) benefit from disruption in industry structures as a result of the distress in some of the segments. In the current environment, its very important to back managements which either have a superior track record at execution and/or are going through a strategy refresh which gives them an opportunity to gain market share and beat the slowdown.

Q: What asset allocation advice would you give to investors looking to invest for long term (>5 years) today?Answer: Asset allocation should be a mix of capital protection and value creation. In the current environment, that can be achieved through a combination of Balanced advantage fund (for capital protection), Mid Cap/Small Cap (for long term value creation) and value funds (to benefit the most from economic recovery.

Disclaimer: The views expressed above are author’s own views and not necessarily those of the AMC. The views expressed are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information contained in this document is for general purposes only. The document is given in summary form and does not purport to be complete. The document does not have regard to specific investment objectives, financial situation or particular needs of any specific person who may receive this document. The information/ data herein alone is not sufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause results, performance or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in future. Neither the AMC, the fund nor any person connected with them, accepts any liability arising from the use of this document. The AMC is not guaranteeing/offering/communicating any guaranteed returns on investments made in the scheme(s). The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY

FUND MANAGER INTERVIEWS

Mr. Rahul SinghChief Investment Officer (CIO) - Equities, Tata Asset Management Ltd

With over 24 years of investment experience, Rahul Singh joined Tata Asset Management in October 2018 as CIO-Equities, leading the fund management and equity research teams. In his previous role at Ampersand Capital Investment Advisors LLP, Rahul was the Managing Partner. He has also worked with many reputed financial institutions like Standard Chartered Securities and Citigroup Global Markets India as Head of Equity Research. Rahul is a Bachelor of Technology in Mechanical Engineering and an alumnus of IIM Lucknow where he pursued his Master of Business Administration in Finance and Financial Management Services.

MF NEWS

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0.754.765.957.755.34-4.68

-12.77-12.9326.0520.3416.4825.3424.2611.093.486.84

22.584.32

12.9811.0915.354.39

11.1020.5113.0116.319.28-4.7715.1511.1611.565.338.09

10.720.122.070.205.304.07-5.79-2.902.436.393.37-1.07-9.931.67

12.311.99-7.878.64-3.06-0.903.990.851.398.47-1.4412.1415.973.423.628.44

11.00-10.0026.359.494.59

12.637.682.885.71

15.563.88

25.3215.5311.938.22

10.169.726.31

11.44-7.533.95

12.870.944.99-0.1216.2218.66

-3.120.403.875.084.22-4.41-9.78-9.8716.5212.2111.61

NA10.445.47-0.632.27

10.67-0.655.091.59

10.273.659.068.915.756.503.12-7.166.437.208.611.356.945.361.581.781.664.401.90-4.861.534.951.333.01-0.95-0.075.067.070.67-8.057.08-1.882.032.520.164.06-0.920.745.105.532.522.056.024.35-3.9111.626.926.128.986.173.221.547.984.34

10.285.576.952.645.729.05-0.858.02-2.982.957.370.131.40-0.387.369.30

1.085.608.467.467.002.50-0.260.4714.0913.3811.30

NA11.346.601.994.989.804.167.624.4510.409.089.7010.159.397.938.261.617.558.589.266.22NA

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10.3314.3313.2410.5113.2312.0713.738.0114.3813.1110.6714.8312.2812.0711.4714.36

NA9.6710.4713.169.7014.56

NA10.60

6.9111.8113.1711.9211.4710.8411.6710.77

NANANANANANANA

8.3912.8113.7512.278.07NA

17.9211.5312.2412.82

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NANA

8.9310.6811.4514.2415.0714.8511.7011.268.837.3014.7012.6110.699.9510.469.5412.20

NA8.9810.3313.1411.949.6712.61

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9.708.159.1412.9010.89

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14.0913.1710.7914.7614.3611.958.0812.7011.4410.8015.2412.4011.9312.6714.46

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11.8112.9912.67

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8.3111.87

NA13.51

NANANANANANANANA

15.19NA

9.92

SIP RETURN AS ON 30TH SEPTEMBER 2019

Starting - October Month of

Years

Invested Amount :

Schemes (Diversified Equity) Returns % - CAGR

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

Mutual fund's asset base rises marginally to ` 25.68 lakh crore in Sep quarter

The mutual fund industry asset base saw a marginal one per cent increase in the July-September quarter to R25.68 lakh crore against the preceding three months, mainly on account of increase in valuation of stocks due to corporate tax cut. According to Association of Mutual Funds in India (AMFI), the asset under management (AUM) of the industry, comprising 44 players, stood at R25.50 lakh crore at the end of June quarter. Fund managers said that the industry assets have remained stable in the July-September period of 2019-20 and slight rise in quarterly AUM could be attributed to rise in valuation of stocks due reduction in corporate tax by the government. Of the 44 fund houses, as many as 27 have witnessed a decline in their asset base. The overall share of assets managed by the top 10 AMCs (by AUM) is marginally up from 82.83 per cent to 83.66 per cent.

Kotak MF's Nilesh Shah is the new AMFI Chairman

Nilesh Shah, Managing Director of Kotak Asset Management Company (AMC), has been appointed as the new chairman of the Association of Mutual Funds in India (AMFI), with immediate e�ect. Nilesh Shah succeeded Managing Director, and CEO of ICICI Prudential Asset Management Company, Nimesh Shah, who was appointed to the post in 2018. The body also elected Saurabh Nanavati, Chief Executive O�cer, Invesco Mutual Fund as the vice-chairman of AMFI, for a period of one year.

NEWS UPDATESIP RETURN AS ON 30TH SEPTEMBER 2019

WPI in�ation eases to 0.33% in September on cheaper non-food articles

Wholesale prices based in�ation eased to 0.33 per cent in September, as against 1.08 per cent in August due to fall in prices of non-food articles, government data showed. The annual rate of in�ation, based on monthly wholesale price index (WPI), was at 5.22 per cent in September 2018. The rate of price rise for the food articles was at 7.47 per cent during the month, while that for non-food articles stood at 2.18 per cent, showed the data released by the Ministry of Commerce and Industry.

Industrial production drops by 1.1% in Aug, dragged down by manufacturing

Industrial output declined by 1.1 per cent in August due to poor performance by manufacturing, power generation and mining sectors, o�cial data showed. The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018. Manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year. The overall IIP growth during April-August period was 2.4 per cent, down from 5.3 per cent in the corresponding period of the last �scal.

Real GDP growth likely to be 5.2% this �scal amid slowdown blues

India's real GDP growth for the current �nancial year is likely to be 5.2 per cent as muted business con�dence, subdued demand conditions and concerns in the �nancial sector are hurting investments. According to the Economist Intelligence Unit, annual real GDP growth dropped to a six-year low of 5 per cent in the second quarter and data from the third quarter show little sign of improvement. India's economic growth has slumped for the �fth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.

Corporate tax cuts may boost growth but �scal impact to come sooner: Fitch

Fitch Ratings has said the steep cut in tax paid by companies may stimulate investments and economic growth only in the medium term, but it will lead to breach �scal targets in the current �scal itself. Finance Minister Nirmala Sitharaman on September 20 announced the lowering of the base corporate tax rate to 22 per cent from 30 per cent for companies that do not seek exemptions and reduced the rate for some new manufacturing companies to 15 per cent from 25 per cent. Including surcharges and cesses, the e�ective corporate tax rate will drop by nearly 10 percentage points to 25.2 per cent. India's corporate tax cuts support e�orts to stimulate investment and GDP growth in the medium term, but will cause the �scal de�cit to widen in the near term. As such, slippage from previous government �scal targets this year (FY19-20) is now very likely.

E-commerce �rms expect 60% increase in business this Diwali season

Almost 32 million users are expected to buy from the e-commerce �rms during the upcoming mega Diwali sale, RedSeer Consulting has said. The �rm claims the period will see users make 75 million transactions this year, against over 45 million in the last. The estimate is in sharp contrast to the prevailing economic scenario in the country, with every other industry blaming slowdown for a�ecting businesses. A few days ago, however, the two e-commerce majors in India, Flipkart and Amazon shrugged o� slowdown stories. Forester Research also estimates $3.8 billion in overall e-commerce sales. However, its estimate of growth is 36 per cent, given that it believes 2018 festive season sales were $2.9 billion.

Japan's Nippon Life becomes sole sponsor of RNam, raises stake to 75%

Nippon Life Insurance has announced that it has become the sole sponsor of Reliance Nippon Life Asset Management (RNam) after

successfully raising its stake to 75 per cent. With this transaction, Japan-based Nippon Life's gross investments in RNam is now over Rs 7,800 crore. Sundeep Sikka, chief executive o�cer of RNam, said, It has always been a great opportunity to work closely with Nippon Life. They have been very supportive shareholders since the very beginning and this transaction will set the stage for long-term growth of the company.

M&As drop by 36% in value terms against backdrop of global uncertainties

Ongoing global uncertainties have impacted business con�dence and have dampened deal making. The month of August saw only 23 deals worth $ 0.85 billion, which was 36 per cent and 49 per cent lower in deal volumes and values, repectively, over August 2018. The month witnessed only one deal valued at over $500 million and one deal valued at over $100 million, totalling $0.6 billion and forming 84% of the total M&A deal values, according to Grant Thornton’s monthly M&A Dealtracker. Compared to the previous month, August, 2019, witnessed a steep downturn in M&A activity with an over 5x fall in deal value as against �ve high value deals worth $4.1 billion recorded in July 2019, and a 41 per cent decline in M&A volumes.

Gem and jewellery export down 7.6% to Rs 1.3 trillion in �rst half

Gloomy news continues at the gem and jewellery sector, with the industry not having gained from the US-China trade war. In the �rst half (April-September) of this �nancial year, gross export in the segment fell by 7.6 per cent to $18.9 billion (Rs 1.3 trillion). The scene is looking good for Christmas demand from the important US market, which is still better than other markets. However, the industry is not able to reap the bene�t due to several issues, including the marked reluctance of banks to lend to it since the Nirav Modi scandal. The result is blockage of working capital and raising of overall cost, which has hit export.

14.2511.449.02

21.3016.1211.719.93

10.0011.21-0.553.356.18

10.08-0.301.654.902.610.86-4.206.614.13

13.13-2.9517.386.57

16.46-0.9614.5210.1914.26-0.1712.12-8.526.62

14.8410.4010.412.187.761.882.74-6.9910.641.67-1.486.579.267.891.005.766.82

26.35-12.93

140

1.3719.264.53

18.2615.6010.1516.049.285.28-0.827.021.98

15.26-0.429.00

22.589.901.70

18.0410.5316.74-0.86-7.650.634.57

10.444.93

11.385.938.19

22.58-7.65

2911.489.665.90

6.148.458.588.703.164.988.904.416.60-3.674.802.706.551.880.902.505.904.33-1.714.56-0.626.58-2.4210.975.309.58-4.117.685.159.20-2.919.91

-10.463.147.606.454.321.193.460.732.09-3.705.92-4.03-0.095.537.816.55-2.324.653.74

16.52-10.46

139

3.1211.88-0.267.944.988.197.574.193.870.092.594.326.461.906.96

10.516.541.669.609.496.261.40-6.460.910.466.265.975.303.574.73

11.88-6.46

2911.619.675.91

5.8413.3511.159.716.069.7210.55

NA7.660.948.708.488.217.225.746.518.446.006.757.412.868.412.0811.887.979.711.5010.2011.4511.183.9510.18-2.358.838.647.647.226.324.653.546.072.606.360.313.597.448.687.762.725.947.01

14.09-2.35136

7.2311.793.388.147.678.8210.246.366.364.466.396.767.646.619.0911.618.876.659.87NANA

6.85-0.403.964.909.518.715.526.137.2211.79-0.40

2711.2110.178.53

7.6519.9514.51

NANANANANA

10.34NA

10.9315.0910.6411.4212.5510.9211.919.9316.3811.167.5511.946.2014.6012.1911.769.9414.2020.0213.8211.5511.157.8313.8011.779.7813.7011.927.216.689.007.128.07NA

7.289.3511.4210.2711.248.24

11.2220.023.22125

12.3016.047.2911.6610.7911.0813.789.8310.818.5410.1810.80

NA11.0813.0914.2912.1610.5012.27

NANA

11.147.008.258.7213.3310.797.959.1910.9616.047.0026

11.8511.2110.87

7.84NA

14.81NANANANANA

10.37NA

10.7815.8710.7712.1913.4411.1112.3511.65

NA11.378.1712.657.0115.7012.6111.7412.7413.7719.9712.6713.1710.219.7113.6312.0710.2214.5212.747.417.839.988.22NANA

8.549.3512.0910.5513.349.44

11.8319.976.91111

12.68NA

8.0712.6910.7911.4113.9710.8012.079.4811.2211.93

NA12.3413.6413.0911.7611.2011.74

NANA

12.109.819.629.4013.5810.52

NA9.6911.4613.978.0724

11.4610.9810.83

8.13NANANANANANANA

11.29NA

10.77NANA

11.07NA

13.11NANANANA

9.98NA

9.1316.0413.7613.03

NANANANA

15.4910.89

NA14.8312.5511.8514.2210.827.789.73NA

10.81NANANANANANANANA

12.1916.047.4550

12.90NA

8.51NANA

13.81NANA

13.5311.73

NA13.30

NANANANANANA

10.37NANA

11.46NA

11.3910.9013.25

NANANA

12.0313.818.5111NA

11.7311.49

Starting - October Month of

Years

Invested Amount :

Schemes (Diversified Equity) Returns % - CAGRLIC MF Multi Cap Fund - GrMirae Asset Emerging Bluechip Fund - GrMirae Asset Large Cap Fund - GrMotilal Oswal Focused 25 Fund - GrMotilal Oswal Midcap 30 Fund - GrMotilal Oswal Multicap 35 Fund - GrParag Parikh Long Term Equity Fund - Reg GrPGIM India Diversified Equity Fund - GrPGIM India Large Cap Fund - GrPGIM India Midcap Opportunities Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Focused Multicap Fund - GrPrincipal Multi Cap Growth Fund - GrReliance Focused Equity Fund - GrReliance Growth Fund - GrReliance Large Cap Fund - GrReliance Multi Cap Fund - GrReliance Small Cap Fund - GrReliance Value Fund - GrReliance Vision Fund GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Focused Equity Fund - Regular Plan - GrSBI Large & Midcap Fund - DivSBI Magnum Equity ESG Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Small Cap Fund - GrSundaram Large & Midcap Fund - GrSundaram Mid Cap Fund - GrSundaram Select Focus - GrSundaram Small Cap Fund - GrTata Equity P/E Fund GrTata Large & Mid Cap Fund - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTaurus Discovery (Midcap) Fund - GrTaurus Largecap Equity Fund - GrTaurus Starshare (Multi Cap) Fund - GrTempleton India Equity Income Fund - GrTempleton India Value Fund - GrUnion Multi Cap Fund - GrUnion Small Cap Fund - GrUTI Core Equity Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI Master Share - GrUTI Mid Cap Fund - GrUTI Value Opportunities Fund - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Reg GrCanara Robeco Equity Tax Saver Fund - DivDSP Tax Saver Fund - GrEdelweiss Long Term Equity Fund (Tax Savings) - GrFranklin India Taxshield GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Reg GrIDBI Equity Advantage Fund - GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMirae Asset Tax Saver Fund - GrMotilal Oswal Long Term Equity Fund - GrPrincipal Tax Savings FundReliance Tax Saver Fund - GrSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Long Term Equity Fund - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseS&P BSE SENSEX TRINIFTY 50 TRINIFTY 500 TRI

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

1,20,4641,22,9081,23,6271,24,7101,23,2561,17,0961,11,9721,11,8701,35,4201,32,1331,29,8861,35,0151,34,3951,26,7061,22,1291,24,1621,33,4271,22,6391,27,8251,26,7011,29,2221,22,6791,26,7101,32,2331,27,8451,29,7851,25,6261,17,0441,29,1011,26,7451,26,9831,23,2501,24,9101,26,4821,20,0761,21,2701,20,1241,23,2331,22,4891,16,4011,18,2081,21,4891,23,8891,22,0641,19,3391,13,7911,21,0251,27,4271,21,2221,15,0941,25,2401,18,1071,19,4471,22,4371,20,5231,20,8521,25,1401,19,1151,27,3251,29,5831,22,0931,22,2151,25,1211,26,6521,13,7421,35,5921,25,7531,22,8021,27,6151,24,6661,21,7651,23,4791,29,3441,22,3731,35,0011,29,3271,27,2011,24,9891,26,1511,25,8911,23,8431,26,9131,15,3081,22,4121,27,7631,20,5801,23,0451,19,9241,29,7311,31,1551,28,5721,26,9111,25,469

3,43,2953,62,2023,81,5153,88,3853,83,4753,36,5123,09,3283,08,8844,57,6484,30,7064,27,032

NA4,19,9363,90,6503,56,6003,72,4834,21,2803,56,4703,88,4603,68,7334,18,8923,80,2264,11,6534,10,7503,92,2133,96,5473,77,2413,22,4103,96,1814,00,6524,08,9673,67,3853,99,1343,89,9743,68,6953,69,7593,69,1193,84,5163,70,4453,34,1983,68,4143,87,6673,67,3173,76,6303,54,8653,59,5983,88,2433,99,9183,63,6633,17,8913,99,9403,49,8743,71,1893,73,8963,60,8823,82,5653,54,9963,64,0263,88,5073,90,9773,73,9153,71,2853,93,7933,84,2313,39,1164,27,0453,99,0283,94,3514,11,1693,94,6643,77,8493,68,4414,05,2653,84,1474,18,9273,91,2133,99,1753,74,5663,92,0694,11,5513,55,4014,05,4763,44,0293,76,3344,01,6773,60,7263,67,6893,57,9264,01,5754,13,0363,94,5074,08,0134,08,765

6,16,5086,90,2607,41,0507,22,9277,14,5896,38,8645,96,0806,07,2028,51,0428,36,3627,94,667

NA7,95,5367,07,6546,30,6916,79,7187,65,8236,65,8707,25,6396,70,7977,77,2277,52,4877,64,0297,72,4807,58,2407,31,3167,37,3326,24,7467,24,4307,43,1947,55,7517,00,955

NA7,28,9456,74,4626,74,8936,82,4107,18,7487,09,8666,42,6307,03,0217,30,0156,79,3616,81,9646,89,2987,21,9947,30,4757,48,8666,76,8435,98,5357,53,5216,62,4526,79,2776,99,2866,82,4267,22,9766,52,0726,62,8337,03,3007,06,3507,13,7196,98,8757,24,8627,02,7126,55,2788,07,5527,48,7827,63,8157,79,4977,28,1907,15,0996,91,3137,93,1336,84,1678,05,2847,64,9667,34,1597,29,7207,47,3157,78,8326,78,9687,81,7927,15,7996,96,4817,32,7127,03,1846,88,9607,13,819

NA7,46,8336,94,3678,35,7187,91,716

10,13,98412,50,78513,30,58612,34,81112,12,91211,78,31311,57,14711,47,08814,10,40914,15,19014,50,821

NANA

11,56,9159,40,75611,25,43012,98,06612,37,32912,54,03310,94,17812,65,94715,31,57012,54,58713,19,29613,23,29212,50,06013,94,01913,09,45111,71,71712,50,36712,56,65513,52,568

NA11,86,08711,09,71811,70,59811,97,39013,30,72813,50,23812,81,40512,28,30912,37,55011,46,82110,64,67313,13,26112,88,18112,13,27012,12,80711,70,73011,47,28712,64,367

NA11,11,30611,59,38913,04,45512,55,36611,04,96412,10,485

NA11,74,46811,72,75211,20,76711,50,25812,46,24411,55,411

NA12,10,31313,94,75413,41,76012,17,92213,41,37812,87,20213,65,25811,14,84313,97,38213,35,69412,25,08914,19,87812,97,11612,87,30112,60,09113,96,153

NA11,82,37312,16,14013,38,01811,83,67714,05,885

NA12,21,75611,00,49317,01,69214,03,584

17,09,02022,11,44123,77,08222,24,67421,71,75821,01,14421,95,03220,93,027

NANANANANANANA

18,46,66823,31,45624,51,16822,66,13818,16,117

NA30,65,40821,79,27322,62,49623,32,713

NA25,78,72325,74,70619,68,63121,60,09922,10,86826,31,009

NANA

18,99,21520,83,18621,69,57525,15,93526,30,01125,99,79621,99,01821,47,54518,90,01017,43,82625,79,46323,07,95820,83,78920,04,09920,59,23519,61,64422,58,244

NA19,04,39320,45,20523,73,70022,26,26019,75,31923,07,080

NANA

19,77,68618,23,86819,20,38123,43,27321,06,491

NANA

24,96,94823,77,41020,95,65925,87,44125,32,41822,27,72818,16,63623,18,73121,69,07620,96,80326,54,23422,81,63622,25,31723,14,52425,46,260

NA20,57,23820,83,759

NA21,32,07526,32,942

NA20,40,69117,93,772

NA25,94,802

41,03,93646,72,61054,69,797

NA54,63,77552,03,150

NANANANANANANANANA

40,64,97550,13,947

NANANANANANA

56,89,59154,45,313

NANANA

47,11,248NANANANANA

44,83,672NA

53,42,995NA

61,24,228NA

52,72,53355,20,09142,26,72834,60,527

NANA

52,76,22641,89,81043,71,047

NANANANA

46,70,82451,67,51750,26,865

NA63,27,534

NANANANANANANANANANANANANANANA

32,42,164NA

34,79,12446,95,698

NA54,02,468

NANANANANANANANA

62,45,219NA

39,81,32334,27,679

NANA

Starting - October Month of

Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

SIP VALUE AS ON 30TH SEPTEMBER 2019 NEWS UPDATE

WPI in�ation eases to 0.33% in September on cheaper non-food articles

Wholesale prices based in�ation eased to 0.33 per cent in September, as against 1.08 per cent in August due to fall in prices of non-food articles, government data showed. The annual rate of in�ation, based on monthly wholesale price index (WPI), was at 5.22 per cent in September 2018. The rate of price rise for the food articles was at 7.47 per cent during the month, while that for non-food articles stood at 2.18 per cent, showed the data released by the Ministry of Commerce and Industry.

Industrial production drops by 1.1% in Aug, dragged down by manufacturing

Industrial output declined by 1.1 per cent in August due to poor performance by manufacturing, power generation and mining sectors, o�cial data showed. The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018. Manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year. The overall IIP growth during April-August period was 2.4 per cent, down from 5.3 per cent in the corresponding period of the last �scal.

Real GDP growth likely to be 5.2% this �scal amid slowdown blues

India's real GDP growth for the current �nancial year is likely to be 5.2 per cent as muted business con�dence, subdued demand conditions and concerns in the �nancial sector are hurting investments. According to the Economist Intelligence Unit, annual real GDP growth dropped to a six-year low of 5 per cent in the second quarter and data from the third quarter show little sign of improvement. India's economic growth has slumped for the �fth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.

Corporate tax cuts may boost growth but �scal impact to come sooner: Fitch

Fitch Ratings has said the steep cut in tax paid by companies may stimulate investments and economic growth only in the medium term, but it will lead to breach �scal targets in the current �scal itself. Finance Minister Nirmala Sitharaman on September 20 announced the lowering of the base corporate tax rate to 22 per cent from 30 per cent for companies that do not seek exemptions and reduced the rate for some new manufacturing companies to 15 per cent from 25 per cent. Including surcharges and cesses, the e�ective corporate tax rate will drop by nearly 10 percentage points to 25.2 per cent. India's corporate tax cuts support e�orts to stimulate investment and GDP growth in the medium term, but will cause the �scal de�cit to widen in the near term. As such, slippage from previous government �scal targets this year (FY19-20) is now very likely.

E-commerce �rms expect 60% increase in business this Diwali season

Almost 32 million users are expected to buy from the e-commerce �rms during the upcoming mega Diwali sale, RedSeer Consulting has said. The �rm claims the period will see users make 75 million transactions this year, against over 45 million in the last. The estimate is in sharp contrast to the prevailing economic scenario in the country, with every other industry blaming slowdown for a�ecting businesses. A few days ago, however, the two e-commerce majors in India, Flipkart and Amazon shrugged o� slowdown stories. Forester Research also estimates $3.8 billion in overall e-commerce sales. However, its estimate of growth is 36 per cent, given that it believes 2018 festive season sales were $2.9 billion.

Japan's Nippon Life becomes sole sponsor of RNam, raises stake to 75%

Nippon Life Insurance has announced that it has become the sole sponsor of Reliance Nippon Life Asset Management (RNam) after

successfully raising its stake to 75 per cent. With this transaction, Japan-based Nippon Life's gross investments in RNam is now over Rs 7,800 crore. Sundeep Sikka, chief executive o�cer of RNam, said, It has always been a great opportunity to work closely with Nippon Life. They have been very supportive shareholders since the very beginning and this transaction will set the stage for long-term growth of the company.

M&As drop by 36% in value terms against backdrop of global uncertainties

Ongoing global uncertainties have impacted business con�dence and have dampened deal making. The month of August saw only 23 deals worth $ 0.85 billion, which was 36 per cent and 49 per cent lower in deal volumes and values, repectively, over August 2018. The month witnessed only one deal valued at over $500 million and one deal valued at over $100 million, totalling $0.6 billion and forming 84% of the total M&A deal values, according to Grant Thornton’s monthly M&A Dealtracker. Compared to the previous month, August, 2019, witnessed a steep downturn in M&A activity with an over 5x fall in deal value as against �ve high value deals worth $4.1 billion recorded in July 2019, and a 41 per cent decline in M&A volumes.

Gem and jewellery export down 7.6% to Rs 1.3 trillion in �rst half

Gloomy news continues at the gem and jewellery sector, with the industry not having gained from the US-China trade war. In the �rst half (April-September) of this �nancial year, gross export in the segment fell by 7.6 per cent to $18.9 billion (Rs 1.3 trillion). The scene is looking good for Christmas demand from the important US market, which is still better than other markets. However, the industry is not able to reap the bene�t due to several issues, including the marked reluctance of banks to lend to it since the Nirav Modi scandal. The result is blockage of working capital and raising of overall cost, which has hit export.

Aditya Birla Sun Life Dividend Yield Fund - GrAditya Birla Sun Life Equity Advantage Fund - GrAditya Birla Sun Life Equity Fund - GrAditya Birla Sun Life Focused Equity Fund - GrAditya Birla Sun Life Frontline Equity Fund - GrAditya Birla Sun Life Midcap Fund - GrAditya Birla Sun Life Pure Value Fund - GrAditya Birla Sun Life Small Cap Fund - GrAxis Bluechip Fund - GrAxis Focused 25 Fund - GrAxis MidCap Fund - GrAxis Multicap Fund - GrAxis Small Cap Fund - GrBaroda Large Cap Fund - GrBaroda Mid-cap Fund - GrBaroda Multi Cap Fund - Growth PlanBNP Paribas Large Cap Fund - GrBNP Paribas Midcap Fund - GrBNP Paribas Multi Cap Fund - GrBOI AXA Large & Mid Cap Equity Fund - GrCanara Robeco Bluechip Equity Fund - GrCanara Robeco Emerging Equities Fund - GrCanara Robeco Equity Diversified Fund - GrDSP Equity Fund - Reg. Plan - DivDSP Equity Opportunities Fund - GrDSP Focus Fund - GrDSP Midcap Fund - Reg GrDSP Small Cap Fund - GrDSP Top 100 Equity Fund GrEdelweiss Large & Mid Cap Fund - Regular GrEdelweiss Large Cap Fund - GrEdelweiss Mid Cap Fund - Regular GrEdelweiss Multi-Cap Fund - GrEssel Large Cap Equity Fund - GrFranklin India Bluechip Fund GrFranklin India Equity Advantage Fund - GrFranklin India Equity Fund - GrFranklin India Focused Equity Fund - GrFranklin India Prima Fund GrFranklin India Smaller Companies Fund - GrHDFC Capital Builder Value Fund - GrHDFC Equity Fund - GrHDFC Focused 30 Fund - GrHDFC Growth Opportunities Fund - GrHDFC Mid Cap Opportunities Fund - GrHDFC Small Cap Fund - GrHDFC Top 100 Fund - DivHSBC Large Cap Equity Fund - GrHSBC Multi Cap Equity Fund - GrHSBC Small Cap Equity Fund - GrICICI Prudential Bluechip Fund - GrICICI Prudential Dividend Yield Equity Fund - GrICICI Prudential Focused Equity Fund - Retail GrICICI Prudential Large & Mid Cap Fund - GrICICI Prudential MidCap Fund - GrICICI Prudential Multicap Fund - GrICICI Prudential Smallcap Fund - GrICICI Prudential Value Discovery Fund GrIDBI Diversified Equity Fund - GrIDBI India Top 100 Equity Fund - GrIDFC Core Equity Fund - Regular Plan - GrIDFC Focused Equity Fund - Regular Plan - GrIDFC Large Cap Fund - Regular Plan - GrIDFC Multi Cap Fund - Regular Plan - GrIDFC Sterling Value Fund - Regular GrIIFL Focused Equity Fund - GrIndiabulls Blue Chip Fund - GrInvesco India Contra Fund - GrInvesco India Growth Opportunities Fund - GrInvesco India Largecap Fund - GrInvesco India Midcap Fund - GrInvesco India Multicap Fund - GrJM Core 11 Fund - Series 1 - Growth OptionJM Large Cap Fund - Growth OptionJM Multicap Fund - Growth OptionJM Value Fund - Growth OptionKotak Bluechip Fund - GrKotak Emerging Equity Scheme - GrKotak Equity Opportunities Fund - GrKotak India EQ Contra Fund - GrKotak Smallcap Fund - GrKotak Standard Multicap Fund - GrL&T Emerging Businesses Fund - GrL&T Equity Fund - GrL&T India Large Cap Fund - GrL&T India Value Fund - GrL&T Large and Midcap Fund - GrL&T Midcap Fund - GrLIC MF Large & Mid Cap Fund - GrLIC MF Large Cap Fund - GrLIC MF Multi Cap Fund - GrMirae Asset Emerging Bluechip Fund - GrMirae Asset Large Cap Fund - Gr

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

SIP VALUE AS ON 30TH SEPTEMBER 2019

Starting - October Month of

Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

NEWS UPDATE

WPI in�ation eases to 0.33% in September on cheaper non-food articles

Wholesale prices based in�ation eased to 0.33 per cent in September, as against 1.08 per cent in August due to fall in prices of non-food articles, government data showed. The annual rate of in�ation, based on monthly wholesale price index (WPI), was at 5.22 per cent in September 2018. The rate of price rise for the food articles was at 7.47 per cent during the month, while that for non-food articles stood at 2.18 per cent, showed the data released by the Ministry of Commerce and Industry.

Industrial production drops by 1.1% in Aug, dragged down by manufacturing

Industrial output declined by 1.1 per cent in August due to poor performance by manufacturing, power generation and mining sectors, o�cial data showed. The Index of Industrial Production (IIP) had expanded by 4.8 per cent in August 2018. Manufacturing sector, which contributes over 77 per cent to the IIP, showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year. The overall IIP growth during April-August period was 2.4 per cent, down from 5.3 per cent in the corresponding period of the last �scal.

Real GDP growth likely to be 5.2% this �scal amid slowdown blues

India's real GDP growth for the current �nancial year is likely to be 5.2 per cent as muted business con�dence, subdued demand conditions and concerns in the �nancial sector are hurting investments. According to the Economist Intelligence Unit, annual real GDP growth dropped to a six-year low of 5 per cent in the second quarter and data from the third quarter show little sign of improvement. India's economic growth has slumped for the �fth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.

Corporate tax cuts may boost growth but �scal impact to come sooner: Fitch

Fitch Ratings has said the steep cut in tax paid by companies may stimulate investments and economic growth only in the medium term, but it will lead to breach �scal targets in the current �scal itself. Finance Minister Nirmala Sitharaman on September 20 announced the lowering of the base corporate tax rate to 22 per cent from 30 per cent for companies that do not seek exemptions and reduced the rate for some new manufacturing companies to 15 per cent from 25 per cent. Including surcharges and cesses, the e�ective corporate tax rate will drop by nearly 10 percentage points to 25.2 per cent. India's corporate tax cuts support e�orts to stimulate investment and GDP growth in the medium term, but will cause the �scal de�cit to widen in the near term. As such, slippage from previous government �scal targets this year (FY19-20) is now very likely.

E-commerce �rms expect 60% increase in business this Diwali season

Almost 32 million users are expected to buy from the e-commerce �rms during the upcoming mega Diwali sale, RedSeer Consulting has said. The �rm claims the period will see users make 75 million transactions this year, against over 45 million in the last. The estimate is in sharp contrast to the prevailing economic scenario in the country, with every other industry blaming slowdown for a�ecting businesses. A few days ago, however, the two e-commerce majors in India, Flipkart and Amazon shrugged o� slowdown stories. Forester Research also estimates $3.8 billion in overall e-commerce sales. However, its estimate of growth is 36 per cent, given that it believes 2018 festive season sales were $2.9 billion.

Japan's Nippon Life becomes sole sponsor of RNam, raises stake to 75%

Nippon Life Insurance has announced that it has become the sole sponsor of Reliance Nippon Life Asset Management (RNam) after

successfully raising its stake to 75 per cent. With this transaction, Japan-based Nippon Life's gross investments in RNam is now over Rs 7,800 crore. Sundeep Sikka, chief executive o�cer of RNam, said, It has always been a great opportunity to work closely with Nippon Life. They have been very supportive shareholders since the very beginning and this transaction will set the stage for long-term growth of the company.

M&As drop by 36% in value terms against backdrop of global uncertainties

Ongoing global uncertainties have impacted business con�dence and have dampened deal making. The month of August saw only 23 deals worth $ 0.85 billion, which was 36 per cent and 49 per cent lower in deal volumes and values, repectively, over August 2018. The month witnessed only one deal valued at over $500 million and one deal valued at over $100 million, totalling $0.6 billion and forming 84% of the total M&A deal values, according to Grant Thornton’s monthly M&A Dealtracker. Compared to the previous month, August, 2019, witnessed a steep downturn in M&A activity with an over 5x fall in deal value as against �ve high value deals worth $4.1 billion recorded in July 2019, and a 41 per cent decline in M&A volumes.

Gem and jewellery export down 7.6% to Rs 1.3 trillion in �rst half

Gloomy news continues at the gem and jewellery sector, with the industry not having gained from the US-China trade war. In the �rst half (April-September) of this �nancial year, gross export in the segment fell by 7.6 per cent to $18.9 billion (Rs 1.3 trillion). The scene is looking good for Christmas demand from the important US market, which is still better than other markets. However, the industry is not able to reap the bene�t due to several issues, including the marked reluctance of banks to lend to it since the Nirav Modi scandal. The result is blockage of working capital and raising of overall cost, which has hit export.

DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.

1,32,6871,29,6731,27,0701,26,0161,26,0551,26,7771,19,6591,22,0501,23,7621,26,1011,19,8141,21,0151,22,9901,21,5991,20,5281,17,3971,24,0251,22,5231,27,9131,18,1781,30,4081,23,9991,29,8701,19,4091,28,7351,26,1661,28,5791,19,8981,27,3151,14,6871,24,0291,28,9231,26,2961,26,3011,21,3381,24,7151,21,1501,21,6791,15,6501,26,4351,21,0221,19,0891,23,9981,25,6151,24,7911,20,6121,23,5081,24,1661,35,5921,11,870

140

1,20,8421,31,5071,22,7671,30,9221,29,3681,26,1471,29,6291,25,6241,23,2201,19,4971,24,2711,21,2161,29,1681,19,7431,25,4561,33,4291,25,9931,21,0441,30,7931,26,3691,30,0341,19,4701,15,2351,20,3841,22,7931,26,3191,23,0071,26,8761,23,6121,24,9911,33,4291,15,235

291,26,9341,25,8531,23,597

4,09,4783,77,4913,87,8334,10,6793,84,5463,97,1373,40,3573,86,7593,74,9023,96,8823,70,3593,64,9233,73,7983,93,1203,84,0923,50,7893,85,4103,56,6313,97,0583,46,9984,23,0933,89,6454,14,7563,38,0974,03,4663,88,7754,12,4743,44,3814,16,7093,05,9843,77,3984,02,9933,96,3043,84,0523,66,5133,79,1783,63,9743,71,4913,40,2223,93,1943,38,5073,59,5073,90,9764,04,2563,96,8853,47,5203,85,9083,80,7634,57,6483,05,984

139

3,77,2634,28,6423,58,6064,05,0173,87,7954,06,4794,02,8123,83,2933,81,4983,60,5123,74,2683,84,0203,96,3443,70,4343,99,2424,20,3163,96,8343,69,1364,14,8604,14,2263,95,1823,67,6753,25,9283,64,9813,62,5353,95,1813,93,5263,89,6373,79,7983,86,4154,28,6423,25,928

294,27,0154,15,2783,93,144

7,64,2756,98,1567,64,4047,80,239

NA7,26,3726,14,3797,45,3037,41,3317,36,3457,18,5256,92,5927,06,0057,40,5686,97,1567,10,2027,22,0206,44,5477,39,9926,32,1408,06,0867,32,0597,64,2756,23,0037,73,4557,97,6827,92,3866,62,4517,73,0275,65,4537,47,7367,44,2417,26,0317,18,5097,02,6756,74,0146,55,6126,98,2706,40,4467,03,3056,04,7616,56,4757,22,5187,45,0887,28,2066,42,3636,96,0277,14,9168,51,0425,65,453

136

7,18,7838,04,2896,53,0897,35,1467,26,5287,47,5947,74,1577,03,4017,03,4356,70,9137,03,8257,10,3197,26,0647,07,7017,52,6108,00,7127,48,5797,08,4307,67,129

NANA

7,11,9405,94,0296,62,5136,78,2207,60,4627,45,6206,88,9236,99,4447,18,6618,04,2895,94,029

277,93,0487,72,9957,42,307

NANANANANA

12,10,803NA

12,36,32114,33,01912,23,40612,57,94013,09,25912,35,73612,80,05711,93,25114,99,93812,46,51710,96,74012,81,53510,45,29514,08,33712,92,72312,73,30211,93,70913,88,13717,05,94813,69,70512,63,78912,45,96211,07,70913,68,87012,73,70911,87,02213,63,86312,80,29110,83,42010,63,19811,54,37610,80,14011,16,930

NA10,86,24011,68,74512,57,98912,07,83412,49,83211,23,66312,49,42917,05,9489,40,756

125

12,97,98614,81,85110,86,54512,68,58412,30,11812,42,94013,67,86211,89,04312,30,91911,35,64012,03,76012,30,649

NA12,43,02513,34,93913,92,64812,91,29112,17,34812,96,446

NANA

12,45,58410,75,57011,24,16811,42,89313,46,28312,30,07411,12,34111,62,26912,37,72214,81,85110,75,570

2612,77,31512,48,65912,33,477

NANANANANA

20,49,298NA

20,93,55927,45,69820,93,02122,57,01324,11,70621,30,61522,75,54321,92,802

NA21,61,05018,24,98323,12,35217,18,18627,20,45423,06,78022,03,82923,23,90724,54,25634,21,33323,14,43223,77,72420,31,90319,79,35424,35,76822,41,84520,32,57025,54,05023,22,92217,54,18917,92,79820,07,83418,30,100

NANA

18,60,84419,42,12622,44,34020,68,85323,99,20119,51,62022,14,50334,21,33317,09,020

111

23,16,101NA

18,15,84123,17,61720,94,98621,64,62924,81,25420,96,22922,42,73819,55,60721,43,89922,25,340

NA22,74,64824,37,35123,67,04622,05,29521,41,33422,03,638

NANA

22,46,19319,89,28819,70,15019,47,04424,29,01620,65,733

NA19,76,99021,71,16524,81,25418,15,841

2421,70,27021,16,64020,99,373

NANANANANA

44,69,890NA

42,77,813NANA

43,85,683NA

52,21,814NANANANA

40,02,073NA

37,24,37567,24,27155,17,33851,82,820

NANANANA

64,09,52543,19,875

NA60,55,91949,73,41846,85,75357,42,25042,95,25533,29,76539,17,484

NA42,91,199

NANANANANANANANA

48,25,98367,24,27132,42,164

50

51,25,289NA

35,39,213NANA

55,42,136NANA

54,10,21746,38,107

NA53,03,435

NANANANANANA

41,33,851NANA

45,34,118NA

45,07,31743,23,25552,84,593

NANANA

47,58,32155,42,13635,39,213

11NA

46,37,22045,46,994

Motilal Oswal Focused 25 Fund - GrMotilal Oswal Midcap 30 Fund - GrMotilal Oswal Multicap 35 Fund - GrParag Parikh Long Term Equity Fund - Reg GrPGIM India Diversified Equity Fund - GrPGIM India Large Cap Fund - GrPGIM India Midcap Opportunities Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Focused Multicap Fund - GrPrincipal Multi Cap Growth Fund - GrReliance Focused Equity Fund - GrReliance Growth Fund - GrReliance Large Cap Fund - GrReliance Multi Cap Fund - GrReliance Small Cap Fund - GrReliance Value Fund - GrReliance Vision Fund GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Focused Equity Fund - Regular Plan - GrSBI Large & Midcap Fund - DivSBI Magnum Equity ESG Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Small Cap Fund - GrSundaram Large & Midcap Fund - GrSundaram Mid Cap Fund - GrSundaram Select Focus - GrSundaram Small Cap Fund - GrTata Equity P/E Fund GrTata Large & Mid Cap Fund - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTaurus Discovery (Midcap) Fund - GrTaurus Largecap Equity Fund - GrTaurus Starshare (Multi Cap) Fund - GrTempleton India Equity Income Fund - GrTempleton India Value Fund - GrUnion Multi Cap Fund - GrUnion Small Cap Fund - GrUTI Core Equity Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI Master Share - GrUTI Mid Cap Fund - GrUTI Value Opportunities Fund - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Reg GrCanara Robeco Equity Tax Saver Fund - DivDSP Tax Saver Fund - GrEdelweiss Long Term Equity Fund (Tax Savings) - GrFranklin India Taxshield GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Reg GrIDBI Equity Advantage Fund - GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMirae Asset Tax Saver Fund - GrMotilal Oswal Long Term Equity Fund - GrPrincipal Tax Savings FundReliance Tax Saver Fund - GrSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Long Term Equity Fund - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseS&P BSE SENSEX TRINIFTY 50 TRINIFTY 500 TRI

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000